School of Business Financial Accounting 30000 Financial Statement Analysis Case Exxon vs. Shell: Understanding the effect of inventory valuation on Financial Statements Designed by: Valeri Nikolaev Objective: Understanding the effect of inventory valuation assumptions on financial statements. Assignment summary: You are taking the role of a security analyst who recently started following the Oil and Gas industry. The analyst has a task to draw a comparison of several financial indicators for two
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406 ACC 2301 INTRODUCTORY MANAGEMENT ACCOUNTING Section 011 (Monday) Final Exam‚ Winter Term 2012 (May 25th‚ 2012‚ 1:10 p.m. - 3:10 p.m. in Room TRS2-147) INSTRUCTIONS TO STUDENTS: 1. This 2-hour test consists of 5 questions (7 pages). 2. Marks total 45. 3. All questions must be answered on this paper in the spaces following the questions. Pages are not to be separated and all pages must be submitted without exception. 4. Calculator (model Royal XE24 or XE36
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Weygandt‚ Paul D. Kimmel‚ and Donald E. Kieso‚ accounting principles 2012 Microsoft Corporation‚ Template http://office.microsoft.com/en-us/templates/pro-forma-income-statement-TC101877359.aspx A Securities and Exchange Commission Staff Paper November 16‚ 2011‚ A Comparison of U.S. GAAP and IFRS http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/how-write-business-plan University of Washington‚ Financial Accounting‚ http://f2.washington.edu/fm/fa/internal-controls
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Tom Brown‚ the controller for MicroTech Software Company‚ is responsible for preparing the company’s financial statements. He learns that sales for the first quarter of the year have dropped so dramatically that the company is in danger of bankruptcy. As a result‚ he applies for an accounting position with another software company that competes with MicroTech. During his job interview‚ Tom is asked why he wants to leave MicroTech. He replies truthfully‚ “The company sales are down another
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owner or owners. 2. The four basic financial statements include the balance sheet‚ income statement‚ statement of retained earnings and statement of cash flows. 3. A balance sheet covers a period of time‚ such as a month or year. 4. The income statement shows the financial position of a business on a specific date. Chapter 2 5. Debit means the right-hand side of any account. 6. In a double-entry accounting system‚ total amount debited must always
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Q & T Explain what debit and credit mean. T For each of the following transactions of Dennen‚ Inc.‚ for the month of January 2015‚ indicate the accounts‚ amounts‚ and direction of the effects on the accounting equation. A sample is provided. a. (Sample) Borrowed $30‚000 from a local bank b. Lent $10‚000 to an affiliate; accepted a note due in one year. c. Sold 100 additional shares of stock with a par value of $.10 per share to investors for $500 cash. d. Purchased $15‚000 of equipment‚ paying $5000
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E1-1 Urlacher Company performs the following accounting tasks during the year. Communicates__Analyzing and interpreting information. Records__Classifying economic events. Communicates__Explaining uses‚ meaning‚ and limitations of data. Records__Keeping a systematic chronological diary of events. Records__Measuring events in dollars and cents. Communicates__Preparing accounting reports. Communicates__Reporting information in a standard format. Identifies Identifies_Selecting economic activities
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introduction to finical accounting. For me‚ this is the first time I had chance to learn this subject‚ before that I just heard some information about IFA by reading the FT newspaper and watching the news. When I start learning that‚ this subject gives me the impression that it is difficult to understand. During the past few months‚ I can say I already mastered some of the skills in IFA. I can still remember the first lecture I had learned was the definition of the “Accounting Equation”‚ I can conclude
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INTRODUCTION In 1975 the Corporate Report was published‚ this was the outcome from the Accounting Standards Steering Committee’s wide ranging discussion paper and in part considered the usefulness of financial statements (Dunn‚ April 2002) discusses that to meet their basic objective financial statements must be useful; and the information relevant and reliable. Information will have relevance if it influences the decisions of the users. Relevance and reliability are primary characteristics relating
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Kolb’s ELT with the Critical Thinking Components Superimposed: Accounting for Property‚ Plant & Equipment (IAS 16) – Standard Accounting Practise (Simon‚ 2009) Concerns have been (Kolb 1984) Kolb’s ELT with the Critical Thinking Components Superimposed: Accounting for Property‚ Plant & Equipment (IAS 16) - Variation from the Standard (Simon 2009) (Kolb
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